Weekly roundup: Vietnam’s EI Industrial raises $670k and other SE Asia deals

EI Industrial, the first industrial-focused B2B marketplace in Vietnam, announced raising $670,000 in seed funding lead by Singapore-based seed investor Cocoon Capital.

BEENEXT, also a Singaporean venture capital firm, participated in the latest funding that that startup said will be used to build a more user-friendly platform and expand its sales, marketing, and technology teams.

EI Industrial was launched in 2020 with the aim of accelerating digital procurement in Vietnam. It allows purchasers to source from multiple suppliers and identify the best deals available.

Currently, the platform serves over 500 customers in Vietnam, including global companies such as the Esquel Group, Heineken, Toshiba, Olam, Aqua, Oishi, Wahl, and Central Group.

EI Industrial operates in Vietnam’s B2B e-commerce market, which has the highest growth rate in Southeast Asia. In 2020, the market reached $13.2 billion and is expected to grow at a CAGR of 43% by 2025, according to the startup.

Digital health platform ThoughtFull raises $1.1m

Singapore-based digital mental health platform ThoughtFull has raised $1.1 million in its seed funding round backed by The Hive SEA, US venture capital firm Flybridge, and Singapore’s Vulpes Investment Management.

ThoughtFull’s mobile apps enable users to access, and mental healthcare professionals to provide, personalised best-fit mental healthcare, with a focus on stress, anxiety, and depression management.

Since its inception in 2019, ThoughtFull said it has grown exponentially to serve users across 43 countries with a professional network spanning 14 locations. Its services are currently available in Singapore, Malaysia, and the Philippines.

The seed funding will help the startup accelerate market expansion and the development of its offerings, according to the announcement. It also seeks to deepen its offering across the end-to-end spectrum of preventive to curative solutions.

The HIVE SEA, one of the backers of the funding round, is the first Southeast Asian fund by Silicon Valley-based The Hive.

SOUTHEAST ASIA DEAL MONITOR

DealStreetAsia has put together a table listing out prominent venture capital transactions in Southeast Asia for the week starting October 4, 2021.

Expand Table

StartupHeadquarterInvestment SizeInvestment StageLead Investor(s)Other Investor(s)Industry / Verticals
Aurora CapitalCambodia$2,070,000Series AHealthcare
ShoplinksSingapore$900,000SeedCocoon CapitalIndonesian Women Empowerment FundSaaS
Creative GalileoSingapore$2,500,000SeedKalaari CapitalEdtech
ThoughtfullSingapore$1,100,000SeedThe Hive AsiaFlybridge, Vulpes Investment ManagementHealthcare
KlinikGoIndonesiaSeedRisjadson Holding & InvestmentGaido Group, 5 Digital VenturesHealthtech
StratifiCareSingapore$729,000SeedADB Ventures, SproutHealthtech
FefifoSingapore$3,100,000RHL Ventures, KB InvestmentAgritech
FikaVietnam$1,600,000SeedVNV GlobalSaaS
Funding SocietiesSingapore500 TuktuksFintech
ESBIndonesia$7,600,000Series AAlpha JWC VenturesBEENEXT, Vulcan Capital, AC Ventures, and Skystar CapitalFoodtech
AUM BiosciencesSingapore$27,000,000Series A+Everlife, SPRIM Global InvestmentsBiotech
EI IndustrialVietnam$670,000SeedCocoon CapitalBEENEXTEcommerce
SurerSingapore$1,000,000SeedKistefosMarkel Digital InvestmentsInsurtech
PickuppSingapore$20,000,000Series A+ReefknotFood delivery
iSellerIndonesia$8,000,000Series BOpenspace Ventures, Mandiri CapitalAppworks, Indogen CapitalSaaS

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.